NHCaseLaw.com

The plaintiffs have brought suit against three sets of attorneys alleging negligence on their part regarding a failed business transaction. The plaintiffs are the owners of Television Station WNDS, and they executed an Asset Purchase Agreement for its sale on September 26, 1996, with Ramcast Corp., predecessor in interest to a company named Global Broadcasting System, Inc. Pursuant to the Agreement, the plaintiffs turned over possession of the television station to Global on April 4, 1997. The purchase price was 18 million dollars and representations were made by Global's attorneys, based upon the assurances of Global's principals, that the moneys had been wired that day to the plaintiffs when in fact they had not. The plaintiffs initially sued Global for breach of contract and recovered a judgment. However, the judgment is uncollected because of the bankruptcy of Global.